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BitMEX launches XRP perpetual swap contracts as spot market sees a rise

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BitMEX launches XRP perpetual swap contracts as spot market sees a rise

The well-known cryptocurrency derivatives exchange BitMEX launched perpetual contracts for Ripple (XRP) today. According to BitMEX, this contract is paired against the US dollar with leverage of up to 50 times. Traders can go long or short on the perpetual contract for Ripple against the US dollar with Bitcoin as collateral.

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The well-known cryptocurrency derivatives exchange BitMEX launched perpetual swap contracts for Ripple (XRP) today. According to BitMEX, this contract is paired with the U.S. dollar and offers leverage of up to 50 times. Traders can use Bitcoin as collateral to go long or short on the perpetual swap contract for Ripple against the U.S. dollar.

Yesterday (4), the CEO of BitMEX, Arthur Hayes, joked on Twitter, saying, "Whether it's called Ripple, XRP, or dog poop, does anyone care? Anyway, as long as its value is greater than zero, it's time to trade it against the dollar on BitMEX."

Following this news, the XRP price has surged over 10% in the past 24 hours, standing out when compared to other mainstream cryptocurrencies, approaching the level of 28 U.S. dollars, reaching a new high in nearly three months.

XRP stands out (source: CMC)
XRP hits a three-month high (source: CMC)

Twitter analyst @IrnCrypt had predicted the rise of XRP back in mid-January. As of today's update, he still holds a positive view on XRP.

Some media outlets have analyzed that XRP has just broken out of a two-year bearish trendline, allowing its price to rebound. However, they also mentioned that some analysts observed a high long bias funding rate for XRPUSD contracts, indicating a potential reversal as the longs may be overly leveraged compared to the shorts.

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